YORKSHIRE and The Humber has overtaken the West Midlands to become the UK’s most entrepreneurial region outside London and the South East, according to new figures published today.
Data from The Start Up Loans Company shows that the Government-backed scheme has lent more than £41m to small businesses in the region since it launched six years ago, compared with £38m for the West Midlands.
Yorkshire and The Humber was beaten only by London and the South East as the most entrepreneurial region in the UK.
According to the figures, the Start Up Loans Scheme has lent more than £114m to start-ups in London and more than £44m to start-ups in the South East.
The figures suggest that entrepreneurship is thriving in the region, with more than 5,000 loans, averaging £8,000 each, issued to small business owners.
One of these businesses is the Steam Yard Coffee Co, a coffee house in Sheffield which was set up in 2014 by Nick Pears, an expert barista, and Matthew Cotrrill, a graphic designer.
Mr Pears said: “We’ve always wanted to start our own business here in Sheffield – to create a space for people to feel welcome, whether that’s catching up over a good cup of coffee or trying one of our fresh donuts.
“The funding from the Start Up Loans Company was invaluable as it provided us with the capital needed in the early stages.”
A spokesman for The Start Up Loans Company, said: “We’re delighted that we’re supporting so many aspiring business owners in Yorkshire and The Humber with our fixed rate of interest loans and mentoring schemes.
“Successful businesses supported by The Start Up Loans Company are making a significant contribution to the UK economy.”